Many people are currently interested in a company called Capman, which has a charismatic leader.
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Under the new strategy, CapMan’s business operations have turned to strong growth and profitability has improved clearly. Even though the challenging market situation throws a spanner into the works of new sales in the short term, we believe the company has an excellent position in its sector. As a result, CapMan is well positioned to continue its healthy growth also in the longer term, just like the rest of the asset management sector. Relative to this, the stock is moderately priced, so the expected return is sufficiently attractive. We therefore reiterate our target price of EUR 2.1 and Accumulate recommendation.